Currently, firms gain regulatory status and are treated in the same way as a firm with a long track record. The regulatory nursery will keep us in close contact with firms immediately post-authorisation so we can provide support and, where we need to, intervene earlier to steer firms in the right direction, the FCA said. These steps are being taken in line with the recommendations made by Ron Kalifa, former CEO of payments fintech, Worldpay, in a recent blueprint to scale the country’s fintech industry.
In addition, the FCA will start allowing the year-round applications for the Sandbox, which currently is a quarterly proposition. The agency will also better advertise its support for companies looking to build innovative products. Furthermore, the regulator partnered with the City of London Corporation to expand its Digital Sandbox programme with a focus on sustainability. The FCA even appointed its first sustainability to lead and carry forward its ambitions.
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